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June 27, 2019

A Look Back: Going on two decades with a shortage of office space

We may think of the shortage of office space in Portland as a recent challenge, though there were signs of it two decades ago. In the Mainebiz issue of Jan. 24, 2000, it was reported that the vacancy rate for downtown Class A and Class B office space was 2.43%, compared to 3.37% the year before, according to an annual Boulos Co. survey. At the same time, lease rates shot up by as much as 15%. The advice from Boulos: Start your search early “and when you find something acceptable, take it!”

Fun Fact: In 1998, Maine was tied with New Hampshire for having New England’s lowest minimum wage, $5.15 an hour. Connecticut led the region with a minimum wage of $6.15, according to the Mainebiz of Jan. 24, 2000.

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